let us briefly discuss some of the important functions of statistics.
1. Presents facts in. simple form:
Statistics presents facts and figures in a definite form. That makes the statement logical and convincing than mere description. It condenses the whole mass of figures into a single figure. This makes the problem intelligible.
2. Reduces the Complexity of data:
Statistics simplifies the complexity of data. The raw data are unintelligible. We make them simple and intelligible by using different statistical measures. Some such commonly used measures are graphs, averages, dispersions, skewness, kurtosis, correlation and regression etc. These measures help in interpretation and drawing inferences. Therefore, statistics enables to enlarge the horizon of one's knowledge.
3. Facilitates comparison:
Comparison between different sets of observation is an important function of statistics. Comparison is necessary to draw conclusions as Professor Boddington rightly points out." the object of statistics is to enable comparison between past and present results to ascertain the reasons for changes, which have taken place and the effect of such changes in future. So to determine the efficiency of any measure comparison is necessary. Statistical devices like averages, ratios, coefficients etc. are used for the purpose of comparison.
4. Testing hypothesis:
Formulating and testing of hypothesis is an important function of statistics. This helps in developing new theories. So statistics examines the truth and helps in innovating new ideas.
5. Formulation of Policies :
Statistics helps in formulating plans and policies in different fields. Statistical analysis of data forms the beginning of policy formulations. Hence, statistics is essential for planners, economists, scientists and administrators to prepare different plans and programmes.
6. Forecasting :
The future is uncertain. Statistics helps in forecasting the trend and tendencies. Statistical techniques are used for predicting the future values of a variable. For example a producer forecasts his future production on the basis of the present demand conditions and his past experiences. Similarly, the planners can forecast the future population etc. considering the present population trends.
7. Derives valid inferences :
Statistical methods mainly aim at deriving inferences from an enquiry. Statistical techniques are often used by scholars planners and scientists to evaluate different projects. These techniques are also used to draw inferences regarding population parameters on the basis of sample information.
it helps in collecting data in a systematic manner.
it helps in presenting collected data in a logical form.
it helps in highlighting important points of the collected data.
it helps in prediction.
it helps in formulating suitable policies.
There are so many advantages of statistics in business. They will help in planning and making critical decisions that are related to the business.
the function of cost accounting is to provide management of differents acitivities in a business
A business letter is a written communication to or from a business or to or from any party regarding a business matter. A report is a compilation of information on any subject. Common subjects for business reports are accounting summaries, sales reports, staffing reports, research projects, statistics, etc.
to keep a set of books for business with an information system that provides reports to users about the economic activities and condition of a business.
The 4 distinct functions of accounting *Recording - this function deals w/ writing on the boots or records of the business transactions or events. *Classifying - recording and summarizing function, similar items are group or sorted under the same names. *Summarizing - periodically, usually, yearly, or sometimes monthly, quarterly, and , owners...... .... Not complete: Please wait...
Statistics help managers make decisions. They use statistics when it comes to production and hiring employees. Statistics are everywhere in the business world.
Most all business curriculum's require statistics; Sometimes referred to business statistics, or business statistical analysis.
Elucidate the functions of statistics.
There are so many advantages of statistics in business. They will help in planning and making critical decisions that are related to the business.
A. Francis has written: 'Business mathematics and statistics' -- subject(s): Business mathematics, Commercial statistics, Problems, exercises 'Business Mathematics and Statistics (Complete Course Texts)'
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Ya-lun Chou has written: 'Probability and statistics for decision making' -- subject(s): Probabilities, Statistical decision, Statistics 'Applied business and economic statistics' -- subject(s): Statistics 'Statistical analysis, with business and economic applications' -- subject(s): Statistics 'Modern business statistics' -- subject(s): Commercial statistics, Economics, Statistical methods, Statistics
David Ray Anderson has written: 'An introduction to management science' -- subject(s): Linear programming, Management, Management science, Mathematical models, Operations research 'Modern business statistics with Microsoft Excel' -- subject(s): Commercial statistics, Microsoft Excel (Computer file) 'Statistics for business and economics' -- subject(s): Statistical methods, Methodology, Economics, Statistics, Commercial statistics 'Modern business statistics with Microsoft Office Excel' -- subject(s): Commercial statistics, Microsoft Excel (Computer file) 'Essentials of statistics for business and economics' -- subject(s): Statistical methods, Problems, exercises, Statistics, Economics, Social sciences, Commercial statistics 'Essentials of statistics for business and economics' 'Essentials of modern business statistics with Microsoft Excel' -- subject(s): Commercial statistics, Computer programs, Microsoft Excel (Computer file) 'Instructor's manual with solutions to accompany Quantitative methods for business' 'Statistics for business and economics' 'Quantitative methods for business' -- subject(s): Textbooks, Management science
specifis application of statistics to economics or business
Horace Secrist has written: 'Statistics in business' -- subject(s): Graphic methods, Statistics, Business
Business statistics are quantitative measures that help managers make better decisions. Managers use statistics to make decisions about products and employees.
statistics had a great role in the business and commerce field . it also had agreat role in the field of research.